Real Estate Investing in Seattle, Washington (98104)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98104 (Seattle, WA)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
Structural challenges here. The numbers may look cheap but operational risk is high. Only for experienced, hands-on investors.
- High vacancy: 16.0% of homes vacant — above national norms.
- Declining values: -2.2% 5-year CAGR — values have moved lower.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- Elevated poverty: 21.2% poverty rate — can affect rent collection.
What’s happening in Seattle, WA (98104)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 98104 Seattle
The 98104 ZIP covers a section of Seattle that demands careful diligence. Prices near $545K look accessible, but the work to make a deal cash flow is real.
The 98104 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
Meanwhile, 98104 offers a low basis, the region around Seattle has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Resident income in 98104 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
The 98104 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Seattle:
Property Strategy for 98104
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $426,962 | $1,920 | 3.2% | -2.9% | $426,962 |
| 2BR | $684,861 | $2,240 | 2.4% | -1.5% | $342,430 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98104 Compare?
| Metric | 98104 | Seattle | Seattle-Tacoma-Bellevue, WA | Washington |
|---|---|---|---|---|
| Home Value | $544,708 | $694,046 | N/A | $591,536 |
| 5-Year CAGR | N/A | 0.8% | N/A | 5.9% |
| Avg Rent | $2,075 | $2,268 | N/A | - |
| Cap Rate | 3.0% | 2.3% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 98104 (Seattle, WA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 98104 (Seattle, WA)?
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Property managers serving King County
Manage rentals here? List your business →Alki Property Management LLC specializes in apartment rentals. summary from their website
Brink Property Management offers residential property management and vacant home management services in Bellevue, providing marketing, tenant screening, rent collection, and maintenance. summary from their website
Full Service Property Management offers compassionate property management across Metro Seattle, including multi-family management, property marketing, and maintenance services. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $544,708 |
| Monthly Rent | $2,075 |
| Price-to-Rent | 21.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.6% |
| Cap Rate | 3.0% |
| 5-Year IRR | 0.7% |
📈 Home Appreciation
| 1-Year | -2.2% ▼ |
| 3-Year CAGR | -2.4% ▼ |
| 5-Year CAGR | -2.2% ▼ |
| 10-Year CAGR | +1.3% ▲ |
🏠 Rent Trends
| 1-Year | +1.9% ▲ |
| 3-Year CAGR | +1.0% ▲ |
| 5-Year CAGR | +1.4% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.0%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 98104
Population: 15,870
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 98104
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Bailey Gatzert Elementary School
Lowell Elementary School
Beacon Hill International School
John Muir Elementary School
Kimball Elementary School
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 2,500 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Seattle in WA worth investing in?
Seattle, WA shows an investability rating of 2.0/5, with median home values near $545K and average rents around $2,075/mo. That combination puts it in the resilient tier for investor interest.
Where do home prices stand in Seattle, WA?
Median home price in Seattle, WA is near $545K, with a 5-year CAGR of 0.0%. Prices have been measured and supportive of buy-and-hold strategies.
What is the average monthly rent in Seattle, WA?
Seattle, WA rentals go for roughly $2,075/mo a month. That puts gross yield in solid territory relative to $545K acquisition costs.
How should investors approach Seattle, WA?
For Seattle, WA, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
Can I live-in-and-rent in Seattle, WA?
The a challenging house-hack environment in Seattle, WA reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
You know 98104 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 98104 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 98104 ranks in Seattle-Tacoma-Bellevue, WA
Every ZIP in this metro, ranked. Free.
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